Zotefoams release preliminary Results for 2018

Zotefoams, a cellular material technology company, has announced its unaudited preliminary results for the twelve months ending 31 December 2018.

The company has displayed significant financial progress during the year with a 16 per cent increase in Group revenue (17 per cent constant currency) to a record £81.04m (2017: £70.15m).

The report also shows a 23 per cent increase in profit before tax and exceptional item to a record £10.81m (2017: £8.81m) and a 31 per cent increase in reported profit before tax to £9.86m (2017: £7.55m).

High-Performance Products now accounts for 27 per cent of Group revenue (2017: 19 per cent) following a 67 per cent increase in sales mainly from footwear and aviation applications.

Core AZOTE foams business grew by eight per cent while MuCell Extrusion refocused for expected return to growth in 2019.

The Kentucky, USA facility commissioned in March 2018 added approximately 20 per cent to the Groups capacity and capacity increases are on schedule for commissioning in UK and USA during 2019 and at a new site in Poland during 2020

“We are seeing the benefits of Zotefoams’ strong portfolio of products, backed by unique technology, across multiple sectors and geographies. 2018 was another record year for Zotefoams and I’m delighted with both the performance and opportunities we are creating,” said David Stirling, Group CEO.

“Whilst we appear to be in a generally less favourable macroeconomic environment than in 2018, with volatile foreign exchange rates, the Board remains confident about the future prospects for our business and is excited by the opportunities we see for continued progress.”

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